2022-11-07T12:53:53-06:00 2021-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2021-01-01 951652773 FIRST IMPERIAL CREDIT UNION FIRS 7603521540 1602 W MAIN STREET EL CENTRO CA 92243 FIDEL GONZALEZ CEO 7603521540 2022-11-01 1 FIDEL GONZALEZ 999009999 VALENTINO CREUS CPA P01054153 8189549700 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z FIDEL GONZALEZ 1602 W MAIN STREET EL CENTRO CA 92243 11686417 0 X WWW.FICU.COM X CREDIT UNION 1942 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 7 7 74 10 46480 0 0 1826265 9221724 9273707 258142 282642 54044 303736 9533910 11686350 9062 8860 0 0 2975622 3168382 0 0 0 4201793 3546547 7186477 6723789 2347433 4962561 158641134 181811886 143945098 162386120 14696036 19425766 X A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST APPROVED BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, FIRST IMPERIAL CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFIT, OR SERVICE OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS. 0 0 THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO MEMBERS INCLUDING ACCESS TO SHARE ACCOUNTS, CERTIFICATES OF DEPOSIT AND RETIREMENT SAVINGS ACCOUNTS, WITH ACTIVE PROMOTION OF ATM/DEBIT CARDS, ELECTRONIC BILL PAY AND HOME BANKING. MEMBERS ALSO HAVE ACCESS TO CONSUMER LOANS INCLUDING VEHICLE LOANS, PERSONAL LINES OF CREDIT AND CREDIT CARDS. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2101 0 1 74 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA X X VERONICA YEE ACCOUNTING MANAGER 7603521540 1602 W MAIN STREET EL CENTRO CA 92243 CHRISTOPHER PETREE CHAIRPERSON 0.75 X 0 0 0 VICTOR TORRES VICE CHAIRPERSON 0.75 X 0 0 0 JOSH MERCADO BOARD TREASURER 0.75 X 0 0 0 MICHAEL CAMPBELL BOARD SECRETARY 0.75 X 0 0 0 DR VICTOR JAIME BOARD MEMBER 0.75 X 0 0 0 DR KATHLEEN LANG BOARD MEMBER 0.75 X 0 0 0 STEVE ESCALERA SUPV CMTE MEMBER 0.75 X 0 0 0 ALEXIS ARAUJO SUPV CMTE MEMBER 0.75 X 0 0 0 FIDEL GONZALES PRESIDENT/CEO 40.00 X 228946 0 139716 CUAUHTEMOC DE LA TORRE EVP/CFO 40.00 X 176754 0 17766 JORGE ALCANTAR COO 40.00 X 112796 0 11341 518496 0 168823 3 0 1 0 JACK HENRY & ASSOCIATES INC P O BOX 609 MONETT MO 65708 COMPUTER SOFTWARE/HARDWARE 387639 CASTILLO CONSTRUCTION COMPANY PO BOX 233 IMPERIAL CA 92251 BUILDING MAINTENANCE 125493 6 1826265 1826265 INTEREST ON LOANS 522100 6230048 6230048 FEE INCOME 522100 2135209 2088729 46480 OTHER OPERATING INCOME 522100 908450 908450 9273707 263496 263496 19213 67 19146 19146 19146 PROVISION FOR LOAN & LOASE LOSSES 522100 231360 231360 NET REALIZED AND UNREALIZED GAINS 522100 72376 72376 303736 11686350 9813605 46480 0 8860 518496 1880252 411500 175816 182318 2740 45420 242454 119473 1022606 42886 334871 71625 690367 436289 116677 LOSS ON SALES OF REPOS 251152 LOAN SERVICING EXPENSE 148225 OPERATING FEES 21762 6723789 4338061 3628937 24966889 20987261 174471 161917 9598459 2277067 7504546 7321392 111344600 143760906 10312567 5951473 158641134 181811886 1892784 2314894 142052314 160071226 143945098 162386120 X 0 0 0 0 14696036 19425766 14696036 19425766 158641134 181811886 X 4962561 -77943 -154888 X X 0 1 X 1 0 2183006 2183006 5570933 1050468 4520465 153272 77695 75577 1691248 1148904 542344 7321392 DEPOSITS IN COMMERCIAL BANKS 30229000 C LOANS AND LEASES 101929230 F NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 1406454 C LOANS TO NATURAL PERSON CREDIT UNIONS 2750000 C AVAILABLE FOR SALE SECURITIES 1187009 F HELD-TO MATURITY SECURITIES 2998073 F PAID-IN CAPITAL AT CORP 169702 C TRADING DEBT SECURITIES 1975280 F EQUITY SECURITIES 1116158 F 143760906 TOTAL SHARES AND DEPOSITS 160071226 160071226 X 11667205 0 11667205 19146 19146 11686351 6704641 0 6704641 19148 19148 6723789 PART X, LINE 2: FASB ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" OF BEING SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD SHOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020, MANAGEMENT HAS DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. THE CREDIT UNION IS SUBJECT TO AND PAYS ALL STATE AND CITY TAXES ON GOODS AND SERVICES PURCHASED BY THE CREDIT UNION. PART XI, LINE 4B - OTHER ADJUSTMENTS: GAIN FROM DISPOSAL OF ASSETS 19,146. PART XII, LINE 4B - OTHER ADJUSTMENTS: GAIN FROM DISPOSAL OF ASSETS 19,146. ROUNDING 2. X X X 0 1 0 FIDEL GONZALES PRESIDENT/CEO 207890 0 7996 0 13060 0 123785 0 15931 0 368662 0 0 0 CUAUHTEMOC DE LA TORRE EVP/CFO 160119 0 7778 0 8857 0 6546 0 11220 0 194520 0 0 0 PART I, LINE 4B EFFECTIVE APRIL 1, 2018, THE CREDIT UNION ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR A MEMBER OF SENIOR MANAGEMENT UNDER IRC SECTION 457(F). THE CREDIT UNION ACCRUES FOR THE PLAN EACH YEAR UNTIL THE TARGET BENEFIT AMOUNT AND TARGET BENEFIT DATE ARE REACHED. FORM 990, PART VI, SECTION A, LINE 6 FIRST IMPERIAL CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS, AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. FIRST IMPERIAL CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BODY OF FIRST IMPERIAL CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD AS PRESCRIBED BY OUR BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B AT THE END OF EACH TERM OF THE BOARD MEMBERS, ELECTIONS ARE HELD AND BOARD MEMBERS ARE VOTED BY THE MEMBERS OF THE CREDIT UNION PURSUANT TO ITS BY-LAWS. MEMBER VOTES ARE ALSO REQUIRED TO RATIFY DECISIONS DEALING WITH REORGANIZATIONS AS IN THE CASE OF MERGER OR DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD REVIEWS THE FORM 990 AS PART OF THE MONTHLY PACKET IN THE MONTH OF FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD, STAFF AND MANAGEMENT OF THE ORGANIZATION REVIEW THE CONFLICT OF INTEREST POLICY AND ACKNOWLEDGE COMPLIANCE ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE CEO, OFFICERS, AND KEY EMPLOYEES IS DETERMINED BY ANALYZING THE LATEST CUNA SALARY REPORT. THE CEO THEN PROPOSES A SALARY SCALE FOR BOARD APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS FOR THE CREDIT UNION ARE AVAILABLE ON A MONTHLY BASIS AND POSTED WITHIN THE BRANCH. FINANCIAL STATEMENTS ARE ALSO POSTED TO A SECURE WEBSITE AVAILABLE TO THE GOVERNING BOARD MEMBERS. FORM 990, PART XI, LINE 9: CHANGE IN OCI -154,891. ROUNDING 3. FORM 990, PART XI, LINE 2C THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.